Hamilton wastewater tech firm gets $10M federal loan
The contribution will help boost production of the company’s new membrane filtration technology
Exporting & Importing
HAMILTON, Ont—The federal government is making a $10 million repayable contribution to Fibracast, a manufacturer of water and wastewater treatment technology.
The contribution will be used to help boost production of the company’s new membrane filtration technology, called Fibreplate.
Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), said the new technology will help Canadian manufacturers compete globally and expand the clean-tech industry. “Fibracast’s innovative and transformative membrane technology is a first in Canada and will help meet the growing global demand for water while creating long-term jobs to this region and across Canada.”
The money is coming from the Advanced Manufacturing Fund (AMF), a $200 million fund created under the Economic Action Plan 2013 and delivered by FedDev Ontario.
In order to be eligible for AMF contributions, potential projects must involve an innovative technology or process, offer long term competitive advantages, and lead to economic benefits outside of the applicant organization (such as to the supply chain or a complementary sector). Applicants must also show that at least half of the project’s costs will be covered by non-government sources.
The total cost of Fibracast’s project is $20 million. It includes plans to lease new facilitates to keep up with expected demand. The project also involves marketing the technology to wastewater treatment plants in North America, Europe, and Asia. Upon completion of the project, Fibracast plans to maintain 15 full-time jobs and create 64 new positions.
The CEO of Fibracast, John Tomescu, said the investment will provide significant help at a crucial time. “The Government of Canada’s support will allow us to accelerate the commercialization of our innovative FibrePlate membrane technology, and position Fibracast as a leader in supplying technology for better water across the planet.”
Fibreplate technology is a hybrid design that combines the best aspects of hollow-fibre and flat-plate filters. It offers a number of benefits over conventional membrane filtration, such as improved performance, strength, space efficiency and lower cost.